AlexMacDonald

The gold miner posted net profit of $74.3 million for the three months ending March 31, up from $69.6 million during the same quarter a year earlier, resulting in basic earnings per share of $0.80, up from $0.76 a year earlier. The figure beat analysts' expectations for a basic EPS of $0.78 based on a FactSet poll of seven analysts.

The FTSE 100 miner said that gold production rose 43% to 283,763 troy ounces, buoyed by its Congolese Kibali gold mine, which began commercial production last October, and higher grades and recovery at the Loulo-Gounkoto mining complex in Mali. The increased volume helped offset a 21% drop in the realized gold price sale during the same period. Total cash costs fell 19% to $685/oz on year in the first quarter due to increased gold output from Kibali.

Randgold previously said it plans to produce between 1.1 million ounces to 1.3 million of gold this year at a cash cost of around $650 to $700 a troy ounce.

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